Will Stock Investors Soon See a Turkey of a Market?

Equities have defied gravity, further emboldening bulls. But sentiment suggests the good times won’t last.

It’s a low-volume, holiday-shortened week. Add lousy northeast weather and it’s no surprise many are leaving early for Thanksgiving. This all makes it a good time to stray slightly from this column’s usual mission and to instead examine sentiment. My research, some of which is admittedly rather subjective, suggests that the bulls’ enthusiasm is overdone.

To be sure, a rally is a rally and it is hard to call new highs anything but...